Basic Economics Test Review

Equipment, machines, buildings that are used to produce other goods and services

• Specialize

• Human Resources

• Capital Resources

• Imports

A study of how people choose to use scarce resources to produce and distribute goods and services

• Capital Goods

• Economics

• Scarcity

• Production Possibilities Curve

People who work to produce goods and services

• Human Resources

• Natural Resource

• Machines

• Entrepreneurs

"Gifts from nature" used to produce goods and services

• Machines

• Three Basic Questions

• Price

• Natural Resources

Cost of a choice is the value of the next best alternative given up

• Economics

• Scarcity

• Opportunity Cost

• Tradeoff

Natural, Human, & Capital are what?

• Productive Resources/Factors of Production

• Goods and Services

• Wants and Needs

• Economics

Unlimited Wants > Limited Resources

• Population

• Scarcity

• Climate

• Economics

All countries have limited what?

• Human Capital

• Specialization

• Productive Resources

• Goods and Services

Risk taking individuals who make goods and services

• Entrepreneurs

• Economists

• Teachers

• Labor

Cooks, servers, and hosts are examples of:

• Human Resources

• Natural Resources

• Entreprenuers

• Capital Resources